Ibp

ARTICLES ABOUT IBP BY DATE - PAGE 4

NEW DELHI: The much-awaited IOC-IBP merger is slated to be taken up for final approval by the Cabinet on Thursday. Also on the agenda is the petroleum ministry's proposal to allow India's entry into the energy charter as an observer. A final decision on the two proposals may, however, be held up as petroleum minister Mani Shankar Aiyar is likely to be away. The IOC-IBP merger particularly is of interest as IBP is set to end the second quarter of the current fiscal in losses again.

NEW DELHI: The much-awaited IOC-IBP merger is slated to be taken up for final approval by the Cabinet on Thursday. Also on the agenda is the petroleum ministry's proposal to allow India's entry into the energy charter as an observer. A final decision on the two proposals may, however, be held up as petroleum minister Mani Shankar Aiyar is likely to be away. The IOC-IBP merger particularly is of interest as IBP is set to end the second quarter of the current fiscal in losses again.

NEW DELHI: The much-awaited IOC-IBP merger is slated to be taken up for final approval by the Cabinet on Thursday. Also on the agenda is the petroleum ministry's proposal to allow India's entry into the energy charter as an observer. A final decision on the two proposals may, however, be held up as petroleum minister Mani Shankar Aiyar is likely to be away. The IOC-IBP merger particularly is of interest as IBP is set to end the second quarter of the current fiscal in losses again.

NEW DELHI: The government has mooted a proposal to create a trust to merge IBP into IOC. The proposed trust is expected to be similar to the Petroleum Trust created by Reliance Industries while merging Reliance Petroleum with itself. This merger route will help IOC avert the losses on its books. The proposal is part of the Cabinet note circulated by the petroleum ministry for the IOC-IBP merger. The note includes another option of a direct merger by extinguishing the shares. The Cabinet is expected to take a final decision on the proposal shortly.

NEW DELHI: The government has mooted a proposal to create a trust to merge IBP into IOC. The proposed trust is expected to be similar to the Petroleum Trust created by Reliance Industries while merging Reliance Petroleum with itself. This merger route will help IOC avert the losses on its books. The proposal is part of the Cabinet note circulated by the petroleum ministry for the IOC-IBP merger. The note includes another option of a direct merger by extinguishing the shares. The Cabinet is expected to take a final decision on the proposal shortly.

NEW DELHI: Top up your tanks. The Union Cabinet will next week consider raising petrol and diesel prices by Rs 2-3 per litre and LPG by Rs 20 per cylinder. A Cabinet meeting chaired by Prime Minister Manmohan Singh today deliberated on the urgency to raise fuel prices but put off a decision till the return of Union petroleum minister Mani Shankar Aiyar from his foreign tour. The Prime Minister's Office has asked for a meeting immediately on Mr Aiyar's return from tour of Norway, Iceland and Bangladesh on September 7. The petroleum ministry had proposed raising petrol and diesel prices by Rs 3 per litre each and LPG prices by Rs 20 per cylinder.

NEW DELHI: Petro retailer IBP, a subsidiary of Indian Oil(IOC), has sent an SOS to the government warning that it may go bankrupt by September-end if the company is not allowed to raise petrol, diesel, LPG and kerosene prices. IBP, which reported a net loss of Rs 233.9 crore in April-June quarter of '05-06 fiscal, is projecting a further loss of Rs 495 crore in Q2 due to the freeze on fuel prices despite cost jumping by 26% since the last revision. "The company's accumulated net worth will be completely eroded at the end of September '05 and hence, the company will become sick," NG Kannan, MD, IBP last week wrote to Petroleum Secretary SC Tripathi.

NEW DELHI: Petro retailer IBP, a subsidiary of Indian Oil(IOC), has sent an SOS to the government warning that it may go bankrupt by September-end if the company is not allowed to raise petrol, diesel, LPG and kerosene prices. IBP, which reported a net loss of Rs 233.9 crore in April-June quarter of '05-06 fiscal, is projecting a further loss of Rs 495 crore in Q2 due to the freeze on fuel prices despite cost jumping by 26% since the last revision. "The company's accumulated net worth will be completely eroded at the end of September '05 and hence, the company will become sick," NG Kannan, MD, IBP last week wrote to Petroleum Secretary SC Tripathi.

NEW DELHI: Petro retailer IBP, a subsidiary of Indian Oil Corp, has sent an SOS to the government warning it would go bankrupt by September end if the company was not allowed to raise petrol, diesel, LPG and kerosene prices. IBP, which reported a net loss of Rs 233.97 crore in April-June quarter of 2005-06 fiscal, is projecting a further loss of Rs 495 crore in the second quarter due to the freeze on fuel price despite cost jumping by 26 per cent since last revision. "The company's accumulated net worth will be eroded completely at the end of September 2005 and hence, the company will become sick," IBP managing director N G Kannan last week wrote to Petroleum Secretary S C Tripathi.

KOLKATA: Faced with the prospects of becoming sick in the second quarter of the current financial year, oil marketing company IBP & Co Limited would resort to domestic borrowings to fund expansion plans. A high-level IBP source said that although the company had earlier considered funding expansion plans entirely from internal accruals, the situation at the moment had changed owing to non-revisioning of petro product prices by the Centre. The company, he said, had earmarked a capital expenditure programme of Rs 500 crore during the current financial year, which would primarily target expanding the number of retail outlets across the country.